The Rootstock community is always working behind the scenes to try and make things even better and this month has been a busy one. A major upgrade combined with the increase of Rootstock’s hash rate to 80% and a new transaction protocol have ushered in big improvements for both users and builders…
Let’s get into it 👇
Rootstock activates Lovell 7.0.0 upgrade, which will boost SECURITY and DECENTRALIZATION
The Lovell upgrade has gone live on mainnet which brings major benefits when it comes to security and decentralization. How does it do this? In three ways:
It strengthens the PowPeg, Rootstock’s native bridge and the most secure Bitcoin bridge, ensuring that changes are verified before taking effect, guaranteeing that locked funds remain safe and accessible.
It also lays the groundwork for increasing the number of Powpeg members (pegnatories)from 9 to 60 making Rootstock one of the most decentralized Bitcoin sidechains
In addition, the Lovell 7.0.0 upgrade improves Ethereum Virtual Machine (EVM) compatibility, making it even easier to build on Bitcoin
Not bad, right? 🔒
Gas FEES are going to be 60% LOWER
Thanks to the Bitcoin miners who merge-mine Rootstock, the minimum gas price per transaction has been significantly reduced. In fact, fees are now 60% lower.
What does this mean for the Rootstock community? Users will of course enjoy lower costs to interact with dApps and smart contracts, whilst builders will benefit from reduced expenses in deploying and maintaining smart contracts. Overall, these lower fees will help encourage greater innovation and usage, strengthening Roostock as the go-to place for building on Bitcoin. 🥳
Transactions are going to be EVEN FASTER
In addition, the FASTER protocol, which is coming soon, will enable faster blocks and higher transaction throughput, reducing transaction confirmation times from 30 seconds to just five.
These updates support Rootstock’s r mission to become a more scalable, decentralized, and cost-efficient Bitcoin-based smart contract platform. Since its inception in 2017, the Rootstock network has never stopped evolving.
Join the Rootstock Discord channel here and let us know about your experience!
To get more details on the Lovell 7.0.0 update, click here: RSKIP 435 Network Upgrade: Lovell
